A global report by PwC shows that wealth management is one of the least tech-literate sectors in financial services, with urgent action needed as relationship managers are "dangerously overestimating" their firms' digital capabilities.

Advisers must know the difference between robo-advice and "robo-product-flogging", with many losing sight of their value in an effort to innovate their businesses, says GPS Wealth managing director Grahame Evans.